Alabama Foreclosure Activity Increases in July

Statewide filings up 5 percent from June, down from last year

 

Foreclosure activity in Alabama rose 5 percent in July to 1,931 properties with foreclosure filings, but was 7 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in Alabama was up slightly in July, although it remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate was 10.3 percent in June, above the national average and of genuine concern among residents struggling to hold onto their homes.”

 

One in every 1,118 Alabama housing units received a foreclosure filing during the month, ranking it’s foreclosure rate 35th among the 50 states.

 

Baldwin County posts top county foreclosure rate in July

One in every 476 housing units in Baldwin County received a foreclosure filing in July, giving the county the top foreclosure rate in the state for the month. Mobile County was second highest, with one in every 484 housing units receiving a foreclosure filing during the month. Coming in third was Jefferson County, where one in every 521 housing units received a foreclosure filing in July.

 

Jefferson County had top foreclosure total for July

Reporting 596 properties with foreclosure filings in July, Jefferson County led the state in total foreclosure activity. Second highest total was in Mobile County, reporting 374 properties with foreclosure filings. Baldwin County came in third highest, tallying 218 properties with foreclosure filings. Fourth highest was Shelby County, where 145 properties with foreclosure filings were reported. Montgomery County was fifth, reporting 124 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Alabama accounted for 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Alabama Top Foreclosure Rates by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Alabama

0

0

979

0

952

1,931

1,118

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

111

0

107

218

476

0.83

2.35

Mobile

0

0

167

0

207

374

484

0.82

2.31

Jefferson

0

0

360

0

236

596

521

0.76

2.14

Shelby

0

0

74

0

71

145

544

0.73

2.05

Morgan

0

0

33

0

33

66

764

0.52

1.46

 

 

Alabama Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Alabama

0

0

979

0

952

1,931

1,118

5.46

-7.25

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

360

0

236

596

521

8.36

13.31

Mobile

0

0

167

0

207

374

484

37.00

-2.86

Baldwin

0

0

111

0

107

218

476

6.34

24.57

Shelby

0

0

74

0

71

145

544

11.54

-0.68

Montgomery

0

0

61

0

63

124

833

-27.91

-40.95

 

 

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